FIRST COMMONWEALTH REPORTS EARNINGS RECORDS
FOR SECOND QUARTER AND FIRST HALF
INDIANA, Pa., July 14 /PRNewswire/ -- E. James Trimarchi, chairman, president and chief executive officer of First Commonwealth Financial Corporation (NYSE: FCF), today announced earnings records for the Indiana-based multi-holding company.
Earnings per share for the second quarter were up 27 percent over the same period last year while record first half earnings of $9.4 million translated into $1.17 per share, a 22 percent improvement. Return on average assets (ROA) was 1.34 percent for the first six months while return on average equity (ROE) equalled 13.90 percent. During the past 12 months, the company experienced asset growth of 25 percent due partially to an acquisition in late April 1992.
According to Trimarchi, "We are very pleased to report such exceptional financial performance. A large part of our assets growth was due to the acquisition of Central Bank of Hollidaysburg on April 30, 1992; however, a large part was also due to above average deposit growth at our affiliate banks. Our earnings increases are a result of a combination of factors including the positive earnings impact of the Central Bank addition, increased trust company revenues and continued emphasis on cost management."
First Commonwealth Financial Corporation, a $1.6 billion central, western Pennsylvania multi-bank holding company, is traded on the New York Stock Exchange under the symbol FCF. It operates through 62 community offices of its six partner banks: National Bank of the Commonwealth, Indiana; Deposit Bank, DuBois, Pa.; Cenwest National Bank, Johnstown, Pa.; First National Bank of Leechburg; Peoples Bank and Trust, Jennerstown, Pa.; and Central Bank, Hollidaysburg, Pa. The corporation also owns Commonwealth Systems Corporation, a data processing subsidiary, and First Commonwealth Trust Company, a financial services subsidiary, both headquartered in Indiana. It jointly owns Commonwealth Trust Credit Life Insurance Company, a credit life reinsurance company.
FIRST COMMONWEALTH FINANCIAL CORPORATION
Financial Highlights
At June 30 ($000) 1992 1991 Pct. Change
Assets $1,562,153 $1,254,468 25
Deposits 1,353,046 1,097,193 23
Net loans 840,170 664,315 26
Shareholders' equity $ 149,281 $ 121,598 23
Quarter ended June 30 1992 1991 Pct. Change
Net income ($000) $5,044 $3,714 36
Earnings per share $ 0.61 $ 0.48 27
Return on average assets 1.35 pct. 1.20 pct. --
Return on average equity 14.17 pct. 12.27 pct. --
Six months ended June 30 1992 1991 Pct. Change
Net income ($000) $9,410 $7,463 26
Earnings per share $ 1.17 $ 0.96 22
Return on average assets 1.34 pct. 1.23 pct. --
Return on average equity 13.90 pct. 12.54 pct. --
-0- 7/14/92
/CONTACT: George E. Dash, senior vice president of First Commonwealth Financial Corporation, 412-349-7220/
(FCF) CO: First Commonwealth Financial Corporation ST: Pennsylvania IN: FIN SU: ERN

CD-SM -- PG004 -- 9240 07/14/92 16:08 EDT

COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.